FAAC: FG, States, LGAs Share N305bn In May | Independent Newspapers Limited
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FAAC: FG, States, LGAs Share N305bn In May

Posted: Jun 23, 2016 at 4:30 am   /   by   /   comments (0)

Isuma Mark

Abuja – ?The Federation Accounts Allocation Committee (FAAC)? meeting on Wednesday ended with the disclosure that the federal, states and local governments shared N305.128 billion for the month of May.

This represented N23.628 billion rise as against the previous allocation of N281.500 billion shared in the month of April.

?Minister of Finance, Mrs Kemi Adeosun, while briefing newsmen shortly after the meeting, said the gross statutory revenue of N237.466 billion that was received for the month was higher than the N213.817 billion received in the previous month by N23.649 billion.

“Crude oil production and export dropped by about 2.3 million barrels in February, 2016,” she said.

She noted that the causes of this shortage were “due to the force majeure declared at Forcados terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance.”

Consequently, Adeosun said, “As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January to $32.26 in February 2016.”

The minister explained that “company income tax (CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due.

As a result, she said, “The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by Nigerian National Petroleum Corporation (NNPC) to the Federal Government.”

According to her, “There is exchange gain of N2.546 billion which is proposed for distribution. The total revenue distributable for the current (including VAT) is N305.128 billion.”